Posted on Tuesday, Jun 13th 2017
Earlier this year, Big Data vendor and Billion Dollar Unicorn club member Cloudera filed to go public. Analysts weren’t very optimistic of the company’s valuation on the stock market. But that did not deter the listing. Recent performance suggests that while Cloudera may have lost its earlier lofty valuation, it still manages to stay put in the Unicorn club.
Cloudera recently announced its first quarterly results since it went public. Revenues grew 41% over the year to $79.6 million, ahead of the market’s forecast of $75.84 million. Net loss of $0.27 per share was also better than the Street’s forecast loss of $0.35 for the quarter.
Subscriptions revenues grew 59% to $64.7 million and accounted for 81% of total revenues. A year ago, subscription revenues contributed 72% share to the overall revenues. Services revenues fell 6% over the year to $14.9 million.
Cloudera’s outlook was also better than the market’s expectations. It expects the current quarter revenues at $85-$86 million with an adjusted loss per share of $0.26-$0.24. The market had forecast revenues of $85.6 million and a loss of $0.25. Cloudera forecast revenues for the fiscal year at $345-$350 million with an adjusted loss of $1.07-$1.04 per share. The Street estimated revenues of $338 million and an adjusted loss of $1.07 a share.
Despite the better than expected financials and outlook, the market wasn’t happy with Cloudera’s deferred revenues and billing figures. Billings for the quarter came in at $75.2 million, compared with estimates of $81 million due to the timing issues. Additionally, the average contract duration has also reduced from 20 months to 18 months. Deferred revenue for the company also reduced from $217 million a quarter ago to $213 million, suggesting a slowdown in growth.
Its rising costs is also a concern. During the quarter, Cloudera’s operating expenses grew more than three times to $241.8 million. Its gross margins have also tumbled from a respectable 62% a year ago to under 25% for the quarter.
Cloudera’s Market Expansion
Cloudera hopes to regain market trust through a series of product innovations. During the recent quarter, it introduced Cloudera Data Science Workbench, a self-service data science environment that helps data scientists to build, scale, and deploy machine learning solutions using the most popular programming languages and deep learning frameworks. It also released Apache Kudu, an open source datastore designed for real-time Internet-of-Things, time series, and database applications.
It also announced the launch of its first Platform-as-a-Service offering Cloudera Altus. Altus simplifies the ability to run large-scale data processing applications on public cloud. It will allow data engineers to use on-demand infrastructure to speed the creation and operation of elastic data pipelines that power sophisticated, data-driven applications.
Prior to listing, Cloudera had raised $1.04 billion in funding from investors including Intel Capital, Google Ventures, T. Rowe Price, Accel Partners, Ignition Partners, Greylock Partners, Meritech Capital Partners, In-Q-Tel, Caterina Fake, Youssri Helmy, Diane Greene, Qi Lu, and Jeff Weiner. Its last round of funding in March 2014 had valued it at $4.1 billion. Analysts weren’t hopeful that the stock would be able to sustain that valuation. Rival Hortonworks (NASDAQ: HDP), with annual revenues of $185 million and a net loss of $252 million has been trading at a valuation of $750 million compared with its 2014 listing valuation of over $1 billion.
Analysts were proven right as Cloudera’s stock listed on the stock exchange at $15 with a valuation of $2.3 billion. The stock has done okay since then, considering that it has stayed above its listing price throughout. It peaked to $23.35 last month and had its lowest price at $17.73 in April. It is currently trading at $19.41 with a market capitalization of $2.5 billion.
More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion Dollar Unicorns. The term Unicorn was coined in a TechCrunch article by Aileen Lee of Cowboy Ventures.
Photo Credit: techmsg/Flickr.com
This segment is a part in the series : Billion Dollar Unicorns
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